Nortel to restate results - 3 years worth

[dArKeR]

Nortel announced Thursday it will restate its financial results for 2000, 2001 and 2002 and the first and second quarters of 2003, as a result of a review of its assets and liabilities. It described the review as "still ongoing" and said the results reported today are "preliminary" and "therefore subject to change."

Nortel stock slid 10.5 per cent in extended trading Thursday after closing down 4.5 per cent at $4.44 in New York. At last check it had recovered slightly and was down 6.5 per cent. On the Toronto Stock Exchange, shares of Nortel finished the session down 3.8 per cent at $5.85 (Canadian).

The company -- which previously launched a review of its assets and liabilities -- said the restatement of its results back to 2000 primarily relates to the elimination of $900-million (U.S.) in liabilities.

http://theglobeandmail.com/servlet/story/RTGAM.20031023.wbnortel1023/BNStory/Business

Why did all the lying and cheating begin the Bush couped the WH?

[yankeeinlouisiana]

1. I think you answered your own question.

Bush couped the WH. It gave the green light for corporate thugs to lie, cheat and steal.

[Frederic Bastiat]

2. Isn't Nortel a Canadian company?